Wind and solar power are forecast to outperform combined-cycle gas power plants in most parts of the United States on a levelized cost of energy (LCOE) basis through 2040. However, Wood Mackenzie finds that combined-cycle gas power stations beat renewables on cost in Florida, the Midcontinent and in some spots in PJM West where gas prices are exceptionally low.
Russia's Novatek and Japan’s Saibu Gas have signed a Heads of Agreement (HoA) to set up a joint venture to market LNG and natural gas to end customers. This agreement will include the development of gas-powered generation in Japan, bunkering business in Asia, and the construction and operation a new storage tank at the Hibiki LNG terminal.
Speculative orders for Floating Storage and Regas Units (FSRU) are on the rise as developers want to have the vessels ready for quick deployment once local regulators issue a permit for an LNG-to-Power project. There is a trend towards owing FSRUs rather than chartering the units, says Tor-Ivar Guttulsrød, director FSRU & FLNG at ABS Global Gas Solutions.
Headline numbers of India’s 350 MW gross installed capacity versus 180 GW in maximum load are misleading. The Brookings Institute finds that power plant outages due to fuel shortages or technical faults as well as grid-level power losses reduce the actual “recoverable surplus” to just 30 GW, sometimes less.
The U.S. fracking sector “disappoints yet again” is the bleak verdict of IEEFA’s second quarter earnings review of oil and gas companies. Only 11 of the 29 scrutinized companies achieved positive free cash flows, and together they generated $26 million free cash flows – “ too little” to dent their $100 billion in long-term debt.
Natural gas deliveries to U.S. LNG export plants set a monthly record in July, although gas use for power generation spiked to 44.5 billion cubic feet (Bcf) on July 19. Healthy shale gas output drove down spot gas prices at the Chicago Citigate – the regional price benchmark for Midwestern states to levels lower than those at Henry Hub.
GE's share price keeps recovering fast after investigator Harry Markopolis made the stock plunge over 11% in one day, alleging $38.1 billion in potential losses that were hidden through a “bigger fraud than Enron.” Reacting swiftly, GE CEO Larry Culp bought shares worth $2 billion and dismissed the claims as "meritless, misguided and self-serving speculation."
Refusing to take the sole blame for the UK’s unprecedented power outage on August 9, National Grid said power generators were responsible for the faults at the Hornsea offshore windfarm and the Little Barford gas power station. The regulator Ofgem is investigating whether the grid operator should have done more to limit in the scale of the blackout.